Saudi Reinsurance Company (Saudi Re) has signed an agreement to sell its entire stake in insurance and reinsurance company Probitas Holdings (Bermuda) Limited and its subsidiary, which amounts to 49.90%, to Aviva Insurance Limited, for GBP 120 million.

The deal is expected to be closed in mid-2024, following meeting regulatory conditions, according to a bourse filing.

The transaction is aimed at supporting and strengthening Saudi Re’s financial position. It is forecast to have a positive impact on the company’s financials in 2024.

It is worth noting that the book value of Saudi Re’s in Bermuda and its subsidiaries amounted to SAR 201.16 million as of the third quarter (Q3) of 2023.

Saudi Re posted a net profit before Zakat of SAR 121.50 million during the first nine months (9M) of 2023, a 55.09% surge from SAR 78.34 million.

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